Abu Dhabi’s plan to invest Dh50 billion ($13.6bn) over three years to stimulate the economy is expected to be covered by an increase in hydrocarbon revenues as rebounding oil prices give the emirate more room to spend.
The economic stimulus package will amount to 5 per cent increase in government spending, which can be bridged by petro-dollars if oil prices remain above $60 per barrel during the implementation of the plan, Moody’s Investor Service said in report released on Monday. The measures are not expected to accumulate any additional debt or asset drawdown, it said.
“We anticipate the impact of the stimulus package on the government's fiscal strength will be modest,” the rating agency said.
Last week the government announced the plan to propel economic growth, create jobs and relax business regulations. On Sunday, S&P affirmed credit rating for Abu Dhabi at AA/A-1+ with a stable outlook. Gulf states have taken measures to reduce their reliance on oil and gas and stimulate non-oil sectors to attract foreign direct investment. The recent rebound in oil prices since the start of the year, which hit $80 a barrel in recent weeks, has provided more leeway for government spending.
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Read more:
Abu Dhabi Executive Council sets Dh50 billion stimulus package in motion
UAE's GDP to grow 2.1% this year on higher spending, Moody's says
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The Abu Dhabi government for its 2018 budget, adopted the baseline of oil prices at $50 per barrel, but the recent rise in oil prices will provide it with “significantly more” fiscal headroom than the budget accounted for, Moody’s said.
“We anticipate some loosening of the government's stance with average oil prices around $60 a barrel,” it said.
The rating agency maintained its forecast for the Abu Dhabi budget to return to balance by 2019.
One risk to this fiscal forecast, however, is the recent rise in oil prices and the potential for Opec to ease production cuts, it said. An Opec meeting is scheduled in Vienna later this month.
Additional government spending is expected to stimulate non-oil growth as the federal authorities take measures to improve the business environment for foreign investors. The UAE has proposed to allow full foreign ownership of companies outside the freezones and will introduce 10-year visas to some expats to attract talent.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
COMPANY%20PROFILE%20
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Usain Bolt's World Championships record
2007 Osaka
200m Silver
4x100m relay Silver
2009 Berlin
100m Gold
200m Gold
4x100m relay Gold
2011 Daegu
100m Disqualified in final for false start
200m Gold
4x100m relay Gold
2013 Moscow
100m Gold
200m Gold
4x100m relay Gold
2015 Beijing
100m Gold
200m Gold
4x100m relay Gold
SQUADS
India
Virat Kohli (captain), Rohit Sharma (vice-captain), Shikhar Dhawan, Ajinkya Rahane, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni (wicketkeeper), Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Shardul Thakur
New Zealand
Kane Williamson (captain), Martin Guptill, Colin Munro, Ross Taylor, Tom Latham (wicketkeeper), Henry Nicholls, Ish Sodhi, George Worker, Glenn Phillips, Matt Henry, Colin de Grandhomme, Mitchell Santner, Tim Southee, Adam Milne, Trent Boult
The five pillars of Islam
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
UAE squad
Men's draw: Victor Scvortov and Khalifa Al Hosani, (both 73 kilograms), Sergiu Toma and Mihail Marchitan (90kg), Ivan Remarenco (100kg), Ahmed Al Naqbi (60kg), Musabah Al Shamsi and Ahmed Al Hosani (66kg)
Women’s draw: Maitha Al Neyadi (57kg)
'Ashkal'
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
A plume of black smoke rose from a fuel storage facility in the village of Kalynivka outside Kyiv on Friday after Russia said it had destroyed the military site with Kalibr cruise missiles.
"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
